UC-NRL 


Y  address  all    press  notices  or  communications  in  reference  to 

The  Scientific  Money  Standard 

TO   AUTHOR 

ELIAS  LOWE  McCLURE 

SAN  FRANCISCO,  CAL 


1     A  Scientific  M6hey. 
Standard 


The  secrets  of  the  Universe 

once  revealed,  it  is  clear  they 

never  were  concealed 


BY 

ELIAS  LOWE   McCLURE 


azilfjita&n:  Si  Rap  Company 

(INCORPORATED) 

PUBLISHERS 

SAN  FRANCISCO,  CAL. 

1906 


Copprigftt  1906 

ft? 
Cliasf  llotot  ittcClure 


A  SCIENTIFIC  MONEY  STANDARD 

MONEY  standard  of  value  is  the  great- 
est power  in  human  affairs.  It  enters 
into  every  transaction,  whether  great  or 
small,  and  is  the  power  that  creates  or  destroys  the 
progress  of  a  race,  being  the  most  important  factor 
in  economics. 

A  dollar  is  a  measure  of  value,  as  a  pound 
weight  or  yard-stick  is  a  measure  of  quantity.  But, 
unlike  the  pound  weight  and  yard-stick,  the  stan- 
dard gold  dollar  is  not  a  fixed  unit  of  value;  it  is 
merely  a  fixed  quantity  of  gold,  which  varies  in 
value  with  the  supply  and  demand,  as  do  all  other 
commodities.  The  dollar  measure,  therefore,  varies 
constantly  with  the  rise  and  fall  in  the  quantity  of 
money  in  circulation.  This  defect  in  the  money 
standard  of  value  produces  illimitable  evils,  which 
constantly  disturb  the  prosperity  of  the  world. 

The  stability  of  the  yard-stick  and  pound 
weight  makes  commercial  transactions  as  to  quan- 
tities safe,  but  if  a  power  existed  which  could  in- 
crease or  decrease  the  pound  or  yard  at  will,  and 

[3] 

907388 


A     SCIENTIFIC     MONEY     STANDARD 


t  £ucht  power  was  exercised  by  men  concealed  from 
•'yihe1  view,  at  law1  or  public,  it  would  seem  impossible 
to  do  business  under  such  conditions;  yet  price  is 
far  more  vital  in  the  dealings  of  men  than  quantity, 
and  the  standard  that  fixes  all  prices  is  absolutely 
in  the  control  of  those  who  control  the  gold  supply 
of  the  world. 

The  fluctuation  of  the  standard  is  more  easily 
comprehended  by  considering  the  total  supply  of 
the  world.  The  money  standard  conferred  on  gold 
makes  its  value  equal  the  money  use  required  to 
make  the  world's  exchanges,  plus  the  demand  for 
its  use  in  the  arts.  To  double  the  gold  supply  of 
the  world  without  increasing  the  demand  for  gold, 
would  not  increase  the  total  value  of  gold,  which 
would  remain  the  same  total  as  before;  the  dollar 
would  buy  but  half  the  quantity  it  would  before  the 
increased  supply;  prices  would  rise  one  hundred 
per  cent,  or  a  dollar  would  be  worth  but  fifty  cents. 
Diminish  the  gold  supply  of  the  world  one  half, 
under  the  same  conditions  of  demand,  and  gold 
would  appreciate  one  hundred  per  cent,  prices 
would  fall  one  half,  or  the  dollar  would  be  doubled 
in  purchasing  power. 

The  limited  quantity  of  gold  in  the  world 
makes  it  possible  (in  localities)  to  create  the  very 
conditions  described,  by  speculators,  combinations, 

U] 


A     SCIENTIFIC     MONEY     STANDARD 

or  the  silent  operation  of  the  law  of  money,  which 
inevitably  flows  out  of  the  country  with  high  prices 
to  the  cheapest  market. 

The  richest  nation  holds  but  a  few  hundred 
millions  of  gold  in  reserve,  and  as  long  as  the 
money  remains  in  the  Treasury  it  is  valueless  to  the 
country's  prosperity,  and  it  cannot  be  put  in  circu- 
lation but  by  methods  which  entail  a  risk  of  loss, 
and  give  large  profit  and  advantage  to  favorites 
at  the  expense  of  the  people.  A  few  individuals 
have  the  power  to  contract  the  money  supply,  at 
will,  to  destroy  prosperity  and  credit  throughout 
the  land;  and  frequently  the  disappearance  of 
money  from  circulation  gives  speculators  the  oppor- 
tunity to  make  enormous  gains  by  precipitating  a 
panic.  The  monetary  system  based  on  gold  is  a 
pyramid  set  on  its  apex.  If  the  equilibrium  is  dis- 
turbed, ruin  will  be  complete  unless  the  money  sup- 
ply is  restored  to  equal  the  demand. 

Prices  rise  in  countries  where  gold  is  abundant, 
thus  stimulating  the  production  of  wealth,  until 
prosperity  is  felt  in  every  branch  of  industry. 
Prices  fall  when  the  gold  supply  diminishes  below 
equilibrium,  and  there  is  no  remedy  or  possibility 
to  avert  panic,  suspension,  bankruptcy,  and  general 
disaster  until  the  supply  of  gold  is  restored  to  equal 
the  demand. 


[5] 


A     SCIENTIFIC     MONEY     STANDARD 

The  law  which  produces  these  events  is  so  well 
known,  that  no  doubt  exists  of  the  fact  that  the 
quantity  of  the  standard  money  in  circulation  in 
any  country  makes  it  prosperous  when  money  is 
abundant  and  bankrupt  if  it  disappears,  regardless 
of  the  natural  advantages,  wealth,  or  virility  of  the 
population;  and  though  the  vaults  of  the  Treasury 
are  filled  with  gold,  or  the  money  kings  corner  the 
supply  and  hold  it  out  of  circulation,  the  effect  is 
the  same  as  if  it  did  not  exist.  If  a  supply  of  money 
cannot  be  put  in  circulation  to  meet  the  demand  for 
money,  credit  will  cease,  and  panic,  suspension,  and 
bankruptcy  will  follow  until  equilibrium  is  restored. 

The  cause  for  the  ever-recurring  phenomenon 
of  periodical  prosperity,  followed  by  hard  times,  is 
easily  understood  when  the  volume  of  demand 
obligations  of  a  country  compared  with  the  stock  of 
standard  money  is  known,  together  with  the  fact 
that  when  gold  becomes  scarce,  all  credit  institu- 
tions are  compelled  to  contract  their  loans  and  limit 
credits  in  the  effort  to  increase  their  reserve  of  gold 
to  meet  probable  demands  for  deposits  payable  on 
demand,  or  to  meet  maturing  obligations  which  will 
be  demanded  in  gold  when  the  scarcity  has  placed 
gold  at  a  premium.  The  state  of  the  money 
market  which  precipitates  the  cessation  of  credit 
also  increases  the  withdrawal  of  deposits,  and  if  the 

[6]      > 


A     SCIENTIFIC     MONEY     STANDARD 

panic  is  unchecked,  the  strongest  banking  institu- 
tions are  bound  to  suspend  specie  payment,  for 
there  is  not  gold  enough  in  the  world  to  pay  the 
demand  obligations  of  any  great  country,  if  they 
should  all  be  presented  for  payment. 

All  the  defects  of  a  specific  commodity  stan- 
dard could  be  removed  by  the  National  Govern- 
ment adopting  a  complete  credit  financial  system, 
making  the  paper  dollar  the  only  legal  tender 
money,  and  eliminating  all  other  money  from  cir- 
culation. There  would  be  no  commodity  in  sci- 
entific money  to  fluctuate,  for  it  would  be  a  mere 
counter  of  wealth  by  a  fixed  and  unchangeable  unit 
of  value,  maintained  by  automatic  regulation  of  the 
money  supply  to  equal  the  demand. 

In  the  exercise  of  its  sovereign  money  power, 
the  Nation  could  issue  time  notes  for  the  appropria- 
tions of  Congress,  and  (on  application)  for  the 
budgets  of  the  States,  including  all  subdivisions  of 
State  governments,  stipulating  that  all  assessments 
and  the  collection  of  taxes  be  made  by  Treasury 
officials ;  the  tax  rate  to  be  fixed  by  the  Treasurer 
to  keep  the  money  issue  for  each  debtor  within  the 
legal  limit;  Congress  to  provide  revenue  for  the 
National  budget,  sufficient  to  meet  the  payment  of 
notes  at  maturity,  and  if  there  should  be  either  a 
surplus  or  a  deficit  in  the  revenue  collected,  it 

[71 


A     SCIENTIFIC     MONEY     STANDARD 

should  devolve  upon  the  President  to  raise  or  lower 
the  rate  of  taxes  or  levy  a  new  tax  in  order  to  insure 
that  no  default  may  be  possible  in  the  payment  of 
notes  on  the  date  they  fall  due. 

All  notes  issued  by  the  United  States  to  be  con- 
stituted a  full  legal  tender,  at  their  face  value,  for 
the  payment  of  all  debts,  public  or  private,  and  said 
notes  to  supersede  all  existing  money  standards  and 
remain  the  sole  standard  of  value. 

Together  with  each  money  issue  there  should 
be  issued  bonds  of  an  equal  amount,  with  semi- 
annual interest  coupons  attached.  All  disburse- 
ments by  the  issue  department  of  the  Treasury  to 
be  made  in  notes,  and  bonds  of  equal  amount  sup- 
plied to  the  depositaries,  simultaneously,  where 
bonds  may  be  obtained  on  demand,  in  exchange 
for  notes,  or  notes  for  bonds.  Depositaries  to  detach 
the  interest  coupon  for  the  current  half-year  on  all 
bonds  exchanged  for  notes.  Bonds  presented  to 
depositaries  for  notes  must  have  all  unmatured 
coupons  attached. 

All  issues  being  identical  and  a  legal  tender  for 
all  debts,  the  notes  would  circulate  throughout  the 
Nation  without  competition  or  question,  and  every 
dollar  would  measure  the  same  value. 


[8] 


A     SCIENTIFIC     MONEY     STANDARD 

Credits  could  no  longer  be  disturbed  by  the  dis- 
appearance of  the  standard,  nor  prices  be  affected 
by  its  scarcity  or  redundance ;  and  the  demand  for 
the  production  of  wealth  would  be  constant,  for  it 
is  a  desire  incapable  of  being  satisfied.  The  indi- 
vidual bankrupt  could  enter  the  field  of  production 
certain  of  a  competency  from  his  labor,  and  be 
assured  of  financial  redemption  if  he  sinned  no 
more  in  speculation. 

All  wealth  is  produced  by  labor,  and  in  a  con- 
dition of  permanent  prosperity,  the  demand  for 
labor  would  never  cease,  which  would  release  the 
laborer  from  the  strain  and  menace  of  idleness  and 
poverty  to  certainty  of  employment  and  an  increas- 
ing share  in  the  product  of  his  labor,  which  would 
raise  the  Nation  to  wealth  and  station,  limited  only 
by  the  industry  and  intelligence  of  the  population. 
Such  an  advance  in  the  condition  of  man  would 
change  the  entire  aspect  and  conception  of  life, 
transferring  the  human  struggle  for  existence  from 
the  animal  to  the  spiritual  plane  of  life. 

The  stupendous  investment  in  gold  required  to 
maintain  the  world's  money  supply  involves  a 
heavy  tax  upon  the  producers  of  wealth,  which  will 
be  extinguished  by  paper  money. 

When  gold  is  released  from  the  money  de- 
mand, its  superlative  qualities  will  be  utilized  with- 

[91 


A     SCIENTIFIC     MONEY     STANDARD 

out  hindrance  for  the  betterment  of  man.  Under 
the  present  condition  of  the  human  family  but  a 
small  number  of  people  can  gratify  their  taste  in 
ornamentation  and  decoration,  but  when  prosperity 
assures  continuous  success  to  the  industrious,  and 
every  man  has  a  competency  and  can  gratify  the 
universal  desire  for  the  beautiful,  the  demand  for 
gold  will  exceed  the  most  extravagant  imagination ; 
this  should  reassure  the  gold  producers  that  the  ulti- 
mate value  of  gold  will  not  be  menaced  should  it 
be  demonetized  and  replaced  by  a  scientific  money 
standard. 

A  country  that  has  a  per  capita  circulation  of 
twenty  dollars  of  standard  money  may  be  pros- 
perous, but  let  a  demand  for  gold  be  created  that 
includes  the  gratification  of  the  aesthetic  tastes  of 
all  the  producers  of  wealth,  so  that  no  gold  supply 
could  be  adequate  to  the  demand,  and  there  is  no 
doubt  that  it  would  give  an  impetus  to  the  gold 
mining  industry  that  would  surpass  all  records.  We 
can  be  certain  that  a  people  who  have  risen  above 
poverty  and  are  able  to  gratify  the  luxurious  taste 
of  their  age,  will  have  no  ornaments  or  decorations 
that  look  cheap,  but  will  beautify  and  enrich  them 
with  the  splendor  of  gold. 

The  quantity  theory  of  money,  under  a  com- 
modity standard,  makes  a  perfectly  stable  unit  of 

[10] 


A     SCIENTIFIC     MONEY     STANDARD 

value  impossible,  for  the  total  world's  supply  of 
money,  the  demand  for  the  standard  metal  in  the 
arts,  the  amount  held  out  of  circulation,  the  activity 
of  exchange,  the  perfection  of  commercial  habits 
and  use  of  substitutes  for  money,  and  the  demand 
for  money, — all  enter  into  and  produce  the  quantity 
theory,  making  it  impossible  to  keep  the  money 
supply  and  demand  at  equilibrium  when  so  many 
factors  are  constantly  operating  to  cause  fluctu- 
ations. 

The  practicability  of  establishing  a  perfect 
money  system  depends  upon  the  scientific  accuracy 
of  the  following  statement  (provided,  that  the 
practical  operation  of  the  system  creating  scientific 
money  will  maintain  equilibrium  between  the  sup- 
ply and  demand  for  money  at  all  times,  the  func- 
tion of  money  will  be  limited  to  a  measure  of  value 
and  a  medium  of  exchange,  and  the  dollar  unit  will 
endure  a  fixed  value  free  from  fluctuations). 

It  is  well  understood  that  the  gold  standard 
cannot  be  made  stable,  for  there  is  a  limit  to  the 
world's  supply  of  gold,  selfish  interests  may  manip- 
ulate it,  and  the  quantity  in  circulation  become 
unequally  distributed  (either  by  design  or  by  the 
law  of  money,  to  seek  the  cheapest  market) ,  or  the 
fear  of  hard  times  may  cause  the  withdrawal  of 
deposits  from  circulation,  or  any  other  cause  which 

[ii] 


A     SCIENTIFIC     MONEY     STANDARD 

depletes  the  supply  of  money  in  circulation  below 
equilibrium,  lowers  prices,  stops  production  of 
wealth,  destroys  credit,  and  will  produce  general 
bankruptcy  if  the  money  supply  cannot  be  restored 
to  equal  the  demand. 

On  the  other  hand,  every  increase  in  the  money 
supply  in  circulation,  above  equilibrium,  will  raise 
prices  and  lower  the  value  of  the  money  unit,  which 
may  be  carried  to  such  excess  that  the  limit  of  infla- 
tion having  been  reached,  the  reaction  is  bound  to 
produce  disaster,  lower  prices,  and  raise  the  value 
of  the  money  unit,  till  the  other  extreme  causes  a 
return  flow  of  money. 

The  recurrence  of  depression  and  inflation  is 
caused  by  the  defect  in  the  money  standard,  dis- 
turbing all  nations  through  the  impossibility  to 
maintain  equilibrium  at  any  point  when  the  world's 
supply  and  demand  affects  every  locality.  Scientific 
money,  under  the  proposed  system,  would  fix  a  unit 
of  value,  represented  by  the  value  of  the  gold  dol- 
lar on  the  date  it  was  superseded  by  the  credit 
dollar,  which  would  be  maintained  without  fluctu- 
ation by  the  automatic  regulation  of  the  supply  to 
equal  the  demand. 

Depositaries  would  be  located  throughout  the 
country,  which  would  be  supplied  with  bonds  bear- 

[12] 


A     SCIENTIFIC     MONEY     STANDARD 

ing  interest,  equal  in  amount  to  the  total  money 
issue,  that  would  be  exchanged  for  money  on  de- 
mand, or  money  for  bonds,  without  cost.  The  sup- 
ply of  bonds  and  money  would  be  so  abundant  and 
flexible  that  it  would  be  beyond  the  possibility  of 
manipulation. 

The  money  supply  would  not  be  affected  by  any 
other  country.  The  balance  of  trade  would  be  paid 
in  the  standard  of  the  credit  country,  and  the  price 
of  gold  or  other  standard  metal  would  rise  and  fall 
with  the  supply  and  demand,  as  other  commodities 
do,  but  money  in  this  country  would  always  remain 
a  fixed  unit  of  value,  while  the  system  maintained 
equilibrium. 

The  great  quantity  of  scientific  money  that 
would  be  put  in  circulation  would  raise  prices,  or 
cheapen  the  money  unit  (which  is  the  same  thing) , 
but,  that  the  natural  flow  of  the  excess  would  of 
necessity  be  absorbed  by  the  bonds,  because  all 
excess  money  above  the  demand  for  a  medium  of 
exchange  would  have  no  value,  except  by  depreci- 
ating the  value  of  the  money  unit,  unless  it  was 
taken  out  of  circulation  by  exchanging  the  excess 
for  bonds.  That  being  the  only  alternative,  there 
is  no  doubt  that  the  excess  would  disappear  in  the 
depositaries,  which  would  save  the  money  unit 
from  depreciation. 

[13] 


A     SCIENTIFIC     MONEY     STANDARD 

Excess  gold  is  largely  held  out  of  circulation 
under  the  gold  standard  to  prevent  cheapening  the 
gold  unit,  which  would  also  depreciate  all  assets 
payable  in  gold.  Credit  institutions  can  afford  to 
lock  up  excess  gold  and  keep  it  out  of  circulation 
because  the  excess  is  a  bagatelle  in  amount  com- 
pared to  the  enormous  assets  in  credits  held  by  the 
moneyed  institutions,  all  of  which  would  rise  or  fall 
in  value  with  the  fluctuations  of  the  money  unit. 

The  proposed  scientific  money  system  would 
make  a  money  issue  that  would  be  practically  un- 
limited, and  would  provide  an  automatic  regulator 
to  keep  the  quantity  of  money  in  circulation  at  all 
times  to  equal  the  demand  (by  a  law  of  money  cer- 
tain to  govern  its  flow)  in  the  payment  of  an  inter- 
est rate,  equal  to  the  earning  power  of  wealth  in 
average  investments,  for  money  that  would  be 
exchanged  for  bonds,  and  thus  be  taken  out  of  cir- 
culation. 

On  the  other  hand,  the  proposed  system  would 
provide  an  equally  important  detail,  by  affording 
every  convenience  for  putting  money  in  circulation, 
at  all  localities,  in  exchange  for  bonds,  on  demand, 
without  cost,  and  when  the  money  supply  was  insuf- 
ficient to  meet  the  demand,  a  premium  would  be 
paid,  and  if  the  profit  exceeded  the  interest  rate 
of  bonds  there  would  be  an  exchange  of  bonds  for 

[14] 


A     SCIENTIFIC     MONEY     STANDARD 

money  that  would  maintain  equilibrium  between 
the  supply  and  demand. 

Sound  credit  rests  on  ability  to  pay.  Good 
reputation  commands  credit,  but  negotiable  securi- 
ties in  title  to  wealth  are  the  principal  foundation 
of  credit,  and  as  long  as  scientific  money  maintains 
equilibrium  in  the  money  supply,  no  interruption  of 
credit  could  be  possible,  that  would  disturb  the 
transaction  of  the  business  of  the  country,  such  as 
may  transpire  at  any  time  under  the  gold  standard. 

It  is  not  difficult  to  understand  when  an  indi- 
vidual note  secured  by  collateral  is  good,  and  if  the 
security  is  sufficient  no  loss  can  occur.  The  Nation's 
notes,  under  the  plan  proposed,  would  be  secured 
by  the  sum  of  all  the  individual  notes,  together  with 
all  the  collateral  they  possess.  The  security  would 
be  absolute,  and  no  question  or  doubt  could  ever 
affect  the  perfect  stability  of  the  unit  of  value. 

Investments  in  interest-bearing  securities,  such 
as  bonds,  notes,  mortgages,  etc.,  depend  for  their 
value  on  the  rate  of  interest  and  the  security  they 
offer,  etc.  None  of  them  are  free  from  a  risk  of 
depreciation  or  loss.  The  nearest  to  absolute  value 
in  such  securities  would  be  a  demand  note  of  Mr. 
Rockefeller,  Mr.  Carnegie,  or  Mr.  Morgan  at  a 
good  interest  rate,  or  a  mortgage  on  the  Call 

[15] 


A     SCIENTIFIC     MONEY     STANDARD 

Building,  San  Francisco,  for  $100,000.00  at  six 
per  cent  interest  would  be  considered  choice  secur- 
ity. But  the  Nation's  bonds  would  be  more  stable 
in  value  than  any  other  investment,  because  the 
security  would  be  superior  to  any  other,  from  the 
fact  that  it  includes  them  all. 

Every  note  that  is  cancelled  is  paid  by  the 
Treasurer  from  the  revenue  receipts  taken  in  taxes 
from  the  people.  Notes,  therefore,  are  only  tech- 
nically paid  in  paper,  but  are  really  paid  with  the 
wealth  produced  by  the  people  and  taken  from 
them  in  taxes  to  pay  matured  notes,  which  wealth 
is  represented  by  the  money  in  which  the  taxes  are 
paid.  The  payment  of  notes  at  maturity  would 
soon  extinguish  the  money  supply,  but,  that  the  pro- 
posed system  issues  new  notes  and  before  they  are 
retired  other  notes  have  been  issued,  which  main- 
tains a  constant  supply  of  money. 

Paper  money  issued  by  a  nation,  under  a  com- 
modity standard,  is  certain  to  depreciate,  unless  the 
quantity  put  in  circulation  is  kept  at  a  safe  limit  and 
an  ample  reserve  of  standard  money  is  maintained 
for  its  redemption  on  demand.  The  fatal  defects 
of  all  paper  money  systems  in  the  past  have  been, 
over-issues,  the  failure  to  make  provision  for  pay- 
ment, and  discrediting  its  value  by  making  a  metal 
the  standard. 

[16] 


A     SCIENTIFIC     MONEY     STANDARD 

A  scientific  money  standard,  properly  regu- 
lated, would  have  none  of  these  defects.  The 
Nation  would  make  its  notes  the  only  legal  money, 
and  limit  the  issue  to  a  definite  amount,  the  execu- 
tive would  be  required  to  take  from  the  accumu- 
lated wealth  of  the  people  a  tax  sufficient  to  pay 
all  the  notes  at  maturity;  the  total  debt  with  full 
details  and  the  taxes  collected  for  the  payment  of 
the  notes  would  be  published  in  daily  bulletins;  no 
money  would  be  issued  but  for  budgets  of  the  gov- 
ernment, in  due  form ;  one  money  issue  would  not 
be  paid  by  another  money  issue,  but  payment  of 
matured  notes  would  be  made  from  the  wealth  pro- 
duced by  the  people  and  taken  from  them  in  taxes 
for  that  purpose ;  the  quantity  in  circulation  would 
be  regulated  to  equal  the  demand  by  paying  interest 
on  all  excess  money,  a  provision  certain  to  control 
the  flow  of  money  and  maintain  equilibrium 
through  the  perfect  freedom  in  the  interchange- 
ability  of  notes  and  bonds. 

The  subtle  power  exercised  by  selfish  men,  in  all 
ages,  through  the  control  of  the  standard  of  value, 
has  enslaved  and  impoverished  the  inhabitants  of 
the  earth,  withholding  from  man  the  natural  oppor- 
tunities for  the  production  of  wealth,  and  even  the 
possibility  of  sustaining  life.  This  power  that  influ- 
ences and  may  control  every  phase  of  human  activ- 

[17] 


A     SCIENTIFIC     MONEY     STANDARD 

ity  is  invincible,  and  the  secret  of  its  domination 
has  been  so  successfully  concealed  that  the  learned 
of  every  age,  very  generally,  unite  in  upholding  the 
theory  that  the  evils  arising  from  the  unequal  dis- 
tribution of  wealth  are  the  result  of  man's  imper- 
fection and  the  operation  of  immutable  law. 
Destroy  this  subtle  power  and  the  nobler  nature 
and  higher  aspirations  of  man  will  burst  the  incum- 
bering  weight  of  ignorance  and  domination,  and 
lift  the  race,  as  by  magic,  from  the  groveling  slave 
to  the  realization  of  the  brotherhood  of  man  and 
the  Fatherhood  of  God,  in  accordance  with  the 
plan  and  order  of  the  Universe.  A  new  world 
would  spring  forth  when  humanity  was  freed  from 
tribute,  oppression,  and  poverty;  a  world  the  like 
of  which  no  imagination  can  picture.  The  domes 
of  buildings  would  be  covered  with  gold,  to  shine 
forever,  and  love  instead  of  money  would  rule  the 
human  family. 


U81 


CIS  BOOK  IS  DUE  ON  THE  LAST  DATE 
STAMPED  BELOW 

ff  INITIAL  FINE  OF  25  CENTS 

LL  BE  ASSESSED  FOR  FAILURE  TO  RETURN 
IS  BOOK  ON  THE  DATE  DUE.  THE  PENALTY 
LL  INCREASE  TO  SO  CENTS  ON  THE  FOURTH 
Y  AND  TO  $!.OO  ON  THE  SEVENTH  DAY 
ERDUE. 


AY    2   1538 


LD 


*P  30  196Q 

ytWSQP- 
RECT 

->V    1  S6(. 


9C73H8 


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